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UK media group Incisive Media, one of highest-profile restructurings of the financial crisis, is struggling under bank ownership, with its profits almost completely wiped out in 2011.

According to accounts published at Companies House earlier this month, Incisive Financial Publishing Limited – the principal management unit of the business – made a net profit of just £21,000 for the year ending December 31, 2011 on revenues of £76.6m.

That compares with net profit of £11.8m in 2010, and profit of £1.8m in 2009, the last year of majority ownership by private equity firm Apax.

Incisive, publisher of trade magazines including Accountancy Age, Legal Week, and Post, was purchased by Apax Partners in December 2006 in a £208m public-to-private transaction. Apax's aim was to use it as a buy-and-build platform for publishing assets.

However, the publisher struggled with its debt load in the aftermath of the financial crisis, breaching its debt covenants and ceding majority control of the business in September 2009 after the offer of a £20m equity injection was rejected by lenders.

The lending group – which included the Royal Bank of Scotland and debt investor Alcentra – wrote off around £110m in debt in exchange for an 82.5% stake in the business. Apax was left with a residual holding of 2.5% in the UK business but retained a number of the US assets bolted on during its ownership.

A person familiar with the matter said that Apax had written off its investment “long ago” and did not expect to receive a return on their investment. Apax declined to comment.

Lenders retained the management team put in place by Apax, led by chief executive Tim Wheeler, with the aim of growing the business, but it appears to be struggling under bank ownership.

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Incisive’s profits in 2011 were depressed by a £11.1m rise in unspecified administrative expenses which rose from £13.8m in 2010 to £24.9m last year, although the business did report a £1.2m rise in revenues to £76.6m.

This revenue rise came amid a dramatic transformation in the group’s business model with combined revenues derived from print and events business falling from £62.8m to £36.5m, while online revenues jumped from £12.6m to £40m as titles migrate online.

The 2009 restructuring also saw the creation of £110m in new debt facilities for the business, according to a person familiar with the matter. These had been due to expire but earlier this month the firm secured an agreement to extend its existing facilities to 2014.

Alcentra, Incisive Media and Royal Bank of Scotland did not respond to requests for comment.